Jewish Funds for Justice, which funds various social action projects, had $3.9 million invested in Bernard L. Madoff Investment Securities LLC, the organization announced Wednesday.
The $3.9 million was from one of the organization’s donor-advise funds.
The loss will not affect JFSJ’s operational funds, it said in a release:
One of the donor-advised accounts held by Jewish Funds for Justice (JFSJ) had a $3.9 million investment with Bernard L. Madoff Investment Securities LLC. Last year, this account made grants totaling $487,000. We are pursuing recovery of these at-risk funds. No other JFSJ accounts have been affected. None of JFSJ’s operational funds were impacted.
JFSJ remains committed to our grantmaking program and the important work our grantees do in low-income communities. We are deeply saddened by the catastrophic loss to the non-profit sector of personal and philanthropic dollars, which will continue to have a devastating effect.